According to recent research, most UK adults do not have a full understanding of financial protection products and what they cover.

In a poll of 2,000 UK workers, MetLife UK found that around one fifth of respondents had never heard of income protection cover.

16% were unaware of what critical illness cover is, while 17% had no awareness of mortgage payment cover.

And, although some taking the survey had heard of certain protection products, many admitted that they did not understand what was offered by each product.

For example, 18% had heard of critical illness cover but did not know what protection it would provide. This type of cover helps to minimise the financial impact on the policyholder if they become critically ill.

One in five of those polled said the same about income protection products, which pay out if the policyholder is unable to work due to illness or injury.

Rich Horner, Head of Individual Protection at MetLife, said: 

“Financial protection products are often overlooked as a non-tangible product that you won’t ever need, but the reality is the unexpected can and does happen. 

“The issue for consumers is two-fold: not understanding what is available and what it covers, and associated costs. 

“By having the right financial protection in place, it can help alleviate some of the stress and worry that not having anything in place often brings.”

The research revealed a belief among consumers that policies are expensive and insurers are often reluctant to pay out. However, these are misconceptions, with many affordable policies available to protect you and your family.

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Give us a call on 01483 205890 to discuss your own circumstances and the protection policies that would be right for you.